Dec 2, 2012 9:00am PST
is to go over the fiscal cliff. it maximizing the deficit reduction. there's no deal cut between republicans and democrats. it's not going to reduce the amount of money coming out of the deficit by a lot. so if you do that, you go back to the clinton tax rates, cut some defense and we have a short, mild recession for two quarters. we have to get serious about the deficit e. i have no belief that the congress is going to get serious about the deficit. so tom cole was right because he wants to get the republicans back in the mainstream. but the best thing the country could do is go over the cliff. >> timothy geithner doesn't agree with you on that. >> he may or may not. but i looked at this a lot of ways. the people inside washington are awfully smart and awfully out of touch. we need to do something about the deficit. going over the fiscal cliff is the best thing we're going to get out of washington in terms of serious production to the deficit. we will suffer, but we got ourselves into this. we're not going to get out without some pain. i think we are going to go over the cliff.
Dec 1, 2012 9:00am PST
. >>> headlines making news on the west coast. the "san francisco chronicle" has a story on the deficit impasse and how it would be felt in california. the state would lose billions in funding and more than 200,000 jobs as part of the automatic cuts from the fiscal cliff. "the press telegram" in long beach, california has an article entitled "small in number, large in clout" about a strike that has slowed the nation's busiest cargo complex at the ports. they've been offered a salary boost to 195,000 with 11 weeks paid vacation. a ten-day walkout in 200002 caused $15 billion in losses. >>> the "lewiston tribune "in idaho, wanted experienced pot farmer. a washington state man seeking experts to develop a marijuana industry. possession of the drug will be legal in the state thursday. >>> now to the mystery surrounding the second winner of that massive powerball jackpot. one couple has come forward with their golden ticket. the other winner still unknown. there is, however, surveillance video showing a man who appears to be celebrating after checking the numbers on his ticket but he hasn't come for
Dec 1, 2012 4:00am PST
't necessarily something new. this is largely part of, you know, his past budgets and past deficit reduction plans that he's talking about. so we've seen these sort of numbers and figures before from him. >> what about the talk of cutting the mortgage deductions. that's in the president's proposal, right? >> well, part of the mortgage tax deduction is through what the president is talking about, about capping itemized deductions for top income people. so he's not talking about cutting the mortgage interest deductions specifically. what he's saying is, if you're a wealthy person, making over a certain amount of money, you're not going to be able to take as many deductions as you had in the past, and so mortgage interest deduction is one of those things that would fall under that. >> do you think some of this is vague, though, nancy? because really neither side wants to own this. >> i think what we've seen this week is a lot of political posturing. the president basically put out an opening bid, which is something that we've seen before, and now what he's waiting for is saying, okay, republica